The Dangote Group has clarified recent media reports suggesting that the Nigerian National Petroleum Company (NNPC) has begun lifting petrol from its refinery at a price of N897 per litre. The company emphasized that it neither fixes nor influences petrol prices in the country, as this responsibility falls under the purview of relevant regulatory agencies.
In a statement issued by Anthony Chiejina, Chief Branding and Communications Officer of Dangote Group, the company urged the public to disregard such reports. Chiejina explained that no petrol has been lifted by the NNPC from the Dangote refinery, and the contract with NNPC on pricing has yet to be finalized.
“Our attention has been drawn to a headline published in the BusinessDay Newspapers of Wednesday, 4 September 2024, claiming that NNPC has begun lifting petrol from our refinery. We would like to state that no refined Premium Motor Spirit (PMS) has been lifted by NNPC from the Dangote Petroleum Refinery,” the statement read.
“The issue of determining or fixing the price of petrol lifted from our refinery does not arise at this time, as our contract with NNPC is still under negotiation. Additionally, the PMS market is regulated, meaning we cannot set or influence product prices; this responsibility lies with the appropriate government authorities,” the statement continued.
The Dangote Group reassured the public that once operations are fully underway, petrol from its refinery will be widely available across the country.
Background
After numerous delays, the 650,000-barrel-capacity Dangote Refinery recently began refining petrol, with Chairman Aliko Dangote presenting samples of the refined product to the public. However, media reports have suggested that NNPC will act as the sole buyer of petroleum products from the refinery, distributing them to other marketers across Nigeria, as indicated by Devakumar Edwin, Vice President of Dangote Industries Limited.
The issue of petrol pricing has been contentious since the removal of fuel subsidies by President Bola Tinubu. While the government maintains there is no subsidy, some industry players have suggested otherwise, with reports indicating that the landing cost of petrol in Nigeria could be as high as N1,200, while the pump price at NNPC stations is currently set at N897 per litre.
Last month, President Tinubu approved the sale of crude oil to the Dangote Refinery in naira, diverging from the typical practice of trading the commodity in international markets.
The Dangote Group concluded by urging the public to remain informed through verified channels and to disregard misleading reports.
